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Extreme CCTV Inc. ("Extreme" or "the Company") (TSX:EXC), the global leader in
the design, development and manufacture of active-infrared surveillance
equipment, today announced that it is acquiring Forward Vision CCTV Ltd.
("Forward Vision"), a leading UK designer, developer and manufacturer of
intelligent mechanical PTZ (pan/tilt/zoom) cameras, for total consideration of
approximately C$10.0M. For its latest completed fiscal year ended Aug 31st 2005,
Forward Vision had revenues of £3.3 million. Forward Vision has delivered sales
growth of 20% or more annually in each of the last 3 years while being
consistently profitable.
Management anticipates that the strategic
acquisition will add substantially to revenue. It will also add significantly to
Extreme's product portfolio, market-channels and R&D capability. The
technical expertise at Forward Vision augments Extreme's world-class engineering
team and the founding engineers of Forward Vision will be retained. Extreme will
also maintain Forward Vision's commitment to service and quality while
operational capabilities will be increased to support expected sales growth.
Forward Vision's PTZ products are considered by many in the security industry as
among the best of Britain, where CCTV security has the highest per capita usage
in the world.
Forward Vision was founded in 1998 by British experts in
electro-mechanical surveillance devices who have more than 20 years experience
in the design and manufacturing of market leading surveillance cameras,
platforms and housings. Forward Vision has developed a unique type of PTZ camera
that is compact, ruggedized and perfected for electro-mechanical and optical
performance. Their flagship product, the Mic1-400, now dots the British
surveillance landscape at hundreds of locations for town centre surveillance and
transportation systems security.
Forward Vision products have
established a successful niche in the British security market and will now be
marketed through Extreme's established and growing global sales channels. The
Forward Vision product portfolio is specifically targeted at the security
demands of critical infrastructure and Homeland Security. Forward Vision's
recent developments that integrate with or embed technologies in thermal
sensing, radar detection, electronic gyro-stabilization and internet protocol
(IP) broaden the future sales outlook for Forward Vision products. By combining
Extreme CCTV's active-infrared night vision with Forward Vision's PTZ mechanical
control, Extreme will have a valuable and unique set of surveillance
capabilities to offer its global customer base in the Homeland Security, defense
and commercial security markets.
"With the acquisition of Forward
Vision, Extreme will offer a broader range of products with increased
functionality and performance for larger critical surveillance projects
throughout the world," says Jack Gin, President and CEO of Extreme CCTV. "The
combined product mix, which will include software-driven and network-capable
solutions, will allow Extreme to better deliver on its declared mandate to
detect, classify, recognize, and identify threats with immediate
clarity."
Transaction Overview
Extreme CCTV will purchase all of
the outstanding shares of Forward Vision for initial cash consideration of C$4.3
million (1.1 million), C$3.1 million ( 1.5 million) in non-interest bearing
notes payable and an estimated C$2.6 million in share consideration, based on
the July 17, 2006 closing share price of $2.52 per share, consisting of 102,400
shares payable on closing and 921,600 shares payable upon Forward Vision meeting
certain milestones. The total equivalent cash consideration is estimated at
C$10.0 million. The transaction is expected to close on, or prior to, July 31,
2006, subject to certain closing conditions including TSX
approval.
Contact: Cory Pala Investor Relations CPala@ExtremeCCTV.com
Toll Free (N.A.) 1.877.657.5276
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